FinCEN Extends Foreign Account Reporting Deadline

The regulatory body that polices financial crimes recently announced that it would be giving some individuals more time to file their reports on foreign bank and financial accounts (FBAR).

The Financial Crimes Enforcement Network said in FinCEN Notice 2012-1, issued on Tuesday, that

The regulatory body that polices financial crimes recently announced that it would be giving some individuals more time to file their reports on foreign bank and financial accounts (FBAR).

The Financial Crimes Enforcement Network said in FinCEN Notice 2012-1, issued on Tuesday, that financial professionals who have signature authority but no financial interest in one or more financial accounts would have until June 30, 2012 to submit their reports. An earlier notice, published in June 2011, set the same deadline for investment advisers' employees or officers that were registered with the Securities and Exchange Commission but only had signature authority.

Regulators are taking a hard stance on reporting offshore assets. Reuters recently reported that the U.S. Treasury Department would be collaborating with five EU nations in order to catch Americans who try to evade offshore taxes.

The Foreign Account Tax Compliance Act has many critics, particularly in the international financial services industry, who claim the provisions in their current state are too burdensome and work intensive. However, France, Germany, Spain, Italy and the U.K. will now team up to gather the data from their domestic banks and then share it with the U.S., according to the news outlet.